Sinotruk Jinan Truck (SZ:000951) Soochow Securities·2024-08-27 01:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in H1 2024, with revenue reaching 24.4 billion yuan, a year-on-year increase of 20.9%. The net profit attributable to shareholders was 620 million yuan, up 24.7% year-on-year [2] - The heavy truck sales volume in H1 2024 was 70,500 units, a year-on-year increase of 15.8%, outperforming the industry average [2][3] - The company is focusing on enhancing its competitiveness in both domestic and international markets, particularly in high-end segments [3] Financial Performance Summary - Total revenue for 2022 was 28.82 billion yuan, with a forecast of 49.99 billion yuan for 2024, reflecting a growth rate of 18.81% [1] - The net profit attributable to shareholders for 2022 was 213.72 million yuan, with a forecast of 1.36 billion yuan for 2024, indicating a growth rate of 26.21% [1] - The latest diluted EPS for 2024 is projected to be 1.16 yuan, with a corresponding P/E ratio of 14.17 [1] Margin and Cost Analysis - The gross margin for H1 2024 was 6.1%, with a slight improvement from the previous quarter [2] - R&D expenses increased significantly by 73% year-on-year in Q2 2024, reflecting the company's commitment to product and technology development [2][3] Market Outlook - The company aims to capture opportunities in international markets, particularly in the Middle East and Latin America, while enhancing its product offerings to maintain a competitive edge [3] - The heavy truck industry is expected to recover due to improving macroeconomic conditions and rising logistics demand [3]